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President Barack Obama all-but-endorsed a deficit reduction proposal introduced earlier today by the so-called "Gang of Six" U.S. Senators.

In a statement at the beginning of today's press briefing, Obama called the Gang of Six proposal "broadly consistent" with the vision for deficit reduction he laid out, adding that it is "balanced."

Obama has frequently mentioned that any debt limit deal will have to be in "balance."

The president called the Gang of Six proposal a "very significant step" in the talks, saying he has to read it over before giving it his full-throated endorsement.

Obama again stressed the importance of reaching a deal soon, saying "We are in the eleventh hour and we don't have a lot of time left." He encouraged congressional leaders to begin "talking turkey" on reaching a deal tomorrow.

House Republicans are preparing a vote on "Cut, Cap and Balance" today, their rival proposal that Obama has already threatened to veto, and has no chance of passing the Democrat-controlled Senate.